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<br />~~~'SAEiSEXI'ENSES TO BE PAID neSH AT OR PRIOR TO CLOSING:
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<br />A. Seller'i Expenics: ,
<br />(I) Any impeclloni, reporu and repairi required,of Seller herein, and in Ihe Addendum. '..
<br />(2) All cOit ofrelcliing exiiting loani and recording the relelieij tIX itatementij 112 orany eiciow feci preparation of Deed; copiei ofremic.
<br />tioni and eliementii other expeniei itipulated to be paid by Seller under olher proviiioni ofthii conuact. .
<br />B. Buy::r'i Expeniei: All expeniei incident to any loan (e.g., preparation of Note, Deed ofTroit and'other loan documenu, recording feCi, Morl-
<br />gagee'i Title Policy, credit repom)i 1/2 of any eicrow feci one year premium for hazard iniurance unleu iniurance ii proratedj and expcnies
<br />stipulated to be paid by Buyer under other proviiioni ofthii conlract. ,
<br />, C. If any ialn expeniei exceed the maximum amount herein itipulated to be paid by either pany, either pany may terminate Ihii conuact
<br />unlen the other party agreei to pay iuch exceii.
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<br />13.: PRORATIONS: Insurance (at Buydi option), tlXes and any renu and maintenance fees, shall be proraled 10 Ihe Closing Dale.
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<br />14.: TitLE APPROVAL: If Abmact ii furniihed, Seller ihall deliver ume to Buyer within 20 days from the effective date hereof. Buyer shall have
<br />! 20 dayi from dale of receipt of Abmact to deliver a copy of Ihe litle opinion'lo Seller, slaling any objections 10 Iille, and only objeclioni so slaled
<br />shall be coniidered. If Title Policy is furniihed, Ihe Tille Policy shall guaranlee Buyer's lille 10 be good and indefeasible subjecl only 10 (i) rc-
<br />ilrietive covenants affecting Ihe Propeny (ii) any diicrepanciei, conniets or ihomgei in area or boundary Iinei or any encroach men Ii, or any
<br />overlapping of improvemenu (iii) alltlXes for the curren I and subiequent years (iv) any exiiling building and zoning ordinancei (v) righu of par-
<br />liei in pouesion (vi) any lieni created Ii iecurity for the iale coniideralion and (vii) any reservatil'ns or exceptions contained in Ihe Deed. In
<br />either initance, if litle objectioni arc diicloied, Seller shall have 30 days 10 cure the same. Exceplions permined in Ihe Deed and zoning or-
<br />dinanceS' ihall not be valid objections to title. Seller shali furnish at Seller's expense lax statemenu showing no delinquent taxes and a General
<br />Warranty Deed conveying title subject only to liens securing debl created as pan oflhe consideration, taxes for Ihe currenl year, usual remictive
<br />covenants and utility eliemenu common to the planed iubdivision of which Ihe Propeny is a pan and any olher rnervations or exceptions ac.
<br />ceptable to Buyer. The Note ihall be secured by Vendor'i and Deed ofTrustlieni. In case of dispute as to Ihe form of Deed"Deed of Trust or
<br />Note, such shall be upon a form pre flared by Ihe Slate Bar of Texas.
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<br />I 5. CASUALTY LOSS: If any pan of Propeny is damaged or destroyed by fire or other casualty lou, Seller shall restore the same to iu previous
<br />condition as soon Ii reaionably ponible, but in any event by Closing Date; and if Seller is unable 10 do so without fault, this contract shalller-
<br />I minale and Earnest Money shall be refunded wilh no Broker's fee due.
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<br />16. : DEFAULT: If Buyer faib to comply htrewilh, Seller may eilher enforce specific performance or terminate this contract and receive the Earnest,
<br />i Money Ii liquidaled damages, one-half of which (but not exceeding the herein recited Broker'i fee) shall be paid by Seller to Broker in full pay-
<br />i ment for Broker'i iervicei. If Seller ii unable without fault to deliver Abitract or Tille Policy or to make any non-casualty repairs required
<br />~ herein wilhin the time herein specified, Buyer may either terminate thii contract and receive the Earn,est Money ai Ihe sole remedy,:and no,
<br />i Broker's fee ihall be earned, or extend the time, up to 30 dayi. If Seller faili to comply herewith fot any other rea ion, Buyer may (i) terminate
<br />i thii contract and receive the Earneit Mone)', thereby releasing Seller from this contract (ii) enforce specific performance hereof or (iii) ieek such
<br />I other relief Ii may be provided by law. If completion of sale is prevented by Buyer's default, and Seller clects to enforce specific performance,
<br />Ihe Broker's fee is payable only ifand when Seller collects damages for such default by SUil, compromiie, selllement or olherwise, and after firsl
<br />, deducting the expensei of collection, and then only in an amount equal to one-half of that ponion collected, bUI not exceeding the amounl of
<br />! Broker'i fee.
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<br />17. ; ATTORNEY'S FEES: Any signatory to Ihis conlract who is Ihe prevailing parly in any/legal proceeding against any elher signalory broughl
<br />under or wilh relation to this contraC! or IraniacJion shall be additionally enlilled to recover coun com an~ reasonable allorney.fees from Ihe
<br />non-prevailing pany. '
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<br />18 ESCROW: Ear~eil Money is deposited wilh Escrow Agenl with the understanding thill Escrow Agent (i) docs not aSiume or have any liabililY
<br />. ;. for performanc~ or nonperformance of any pany (ii) hai Ihe right to require the receipt, release and authorizalion in wriling of all panics befo~e'
<br />paying Ihe deposil 10 any pany and (iii) ii not liable for intereil or other char,ge on Ihe funds held. .If any pany unreaso?abl~ falls 10 agree to'
<br />writing 10 an appropriale release of Earnesl Money, Ihen such pany shall be hable to the other parlin 10 Ihe extent provided to pa,ragraph 17.
<br />AI c1oiing, Earnest Money shall be applied to any cash down paymenl required, next 10 Buyer's closing com and any excess refunded 10 Buyer.
<br />Before Buyer shall be entitled to refund of Earnesl Money, any actual expenses incurred or paid on Buyer's behalf shall be deducted therefrom
<br />and paid to the creditors entitled Ihereto,
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<br />19.: REPRESENTATIONS: Seller represents that there will be no Title I Ii,ens, unrecorded liens or Uniform Commercial Code liens agail\st any of
<br />: the Property on Closing Date. If any represenaation above is unuue this connact may be terminated by Buyer and the Earnesl Money shall be
<br />refunded without delay. Represenaations shall survive closing.
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<br />20. I AGREEMENT OF PARTIES: Thii contract contains the entire agreement of the parties and cannot be changed except by their written consent.
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<br />21. , CONStlLT YOUR ATTORNEY: This is inaended to be a legally binding connact. READ IT CAREFULLY. If you ,do not understand the ef.
<br />, fect of any part, consult your attorney BEFORE signing. The Broker cannot give you legal advice - only factual and business details eoncern-
<br />'j ing land and improvements. Attorneys to represent parties may be designated below, and, so employment may be accepted, Broker shall
<br />1 promptly deliver a copy of this comract 10 such allorneys.
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<br />Seller's Any: . ,
<br />EX~CUTED in multiple originals effeclive th~ day of
<br />LAST PARTY SIGNS),
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<br />e
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<br />Buyer's Any: Rnox W. Askins
<br />~,"~ob , I~~
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<br />(BROKER FILL IN TilE DATE
<br />
<br />G.~~aJ~'L
<br />Lisling Brok
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<br />31 ?>D7 8-
<br />License No.
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<br />If- P? C'4I'~
<br />lIer J. P. OIUDLEIGH
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<br />By
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<br />License No.
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<br />Seller 0
<br />
<br />9210 ~athe, Houston, Texas, 77055
<br />Seller's Address
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<br />!
<br />Co-Broker
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<br />IYjk
<br />
<br />(464-0191
<br />:679 J~
<br />Tel.
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<br />Receipl of S
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<br />Earnesl .\loney is acknowledged in the form
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<br />Buy" CITY ~
<br />Buy" ~--- .~
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<br />By
<br />
<br />of
<br />
<br />Buyer's Address
<br />
<br />Tel.
<br />
<br />Eicrow Agent
<br />
<br />Date
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<br />By
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<br />.The lorm oflhis conlracl has been approved by the Teli:3s Real ESlale Commission and the Stale Bar of Texli. Such approval relales to
<br />Ihii contract form only, :-':0 repreienlalion is made: as 10 Ihe legal ,'alidily,or adequacy of any pro\'ision in an)' specific Iranuction. It is
<br />nOI suilable: lor complex Iransaclions, EXlensi\'c: riders or addilioni arc ~(Jl, to be used. (8-78) TREC 1'0.' 6.0
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